TL;DR Breakdown
Ethereum price analysis is bullish today.
ETH/USD saw a strong rally yesterday.
The previous major swing low at $4,000 clearly broken.
Ethereum price analysis is bullish today as a strong rally yesterday took the market above $4,000 major resistance as well as minor resistance at $4,200. Therefore, we expect ETH/USD to see more upside today and test the $4,400 yearly high next.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 3.38 percent, while Ethereum saw an upside of almost 11 percent. Meanwhile, Solana (SOL) is the top performer with a gain of around 20 percent.
Ethereum price movement in the last 24 hours: Ethereum breaks through $4,200
ETH/USD traded in a range of $3,851.07 – $4,299.70, indicating strong volatility over the last 24 hours. Trading volume has increased by 70.92 percent and totals $25.86 billion, while the total market cap has increased to $505.8 billion, resulting in the market dominance of 18.87 percent.
ETH/USD 4-hour chart: ETH to test $4,400 today?
On the 4-hour chart, we can see the Ethereum price continuing to move forward, likely resulting in a test of $4,400 yearly high today.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has continued to gain ground over the past weeks. After strong support was found at the end of September, a strong rally began on the 1st of October.
Initially, ETH/USD reached the $3,650 previous significant resistance. After several-day consolidation, further upside followed on the 13th of October, leading ETH to just under $4,000 by the 16th of October.
From there, the Ethereum price retraced to retest the $3,650 previous significant resistance as support. After some consolidation, the market began to edge higher slowly until a strong spike to the upside was seen yesterday. Both the $4,000 and $4,200 resistances have been broken since, with the $4,400 yearly high as the next target.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as a strong rally has pushed ETH above both $4,000 and $4,200 resistances over the last 24 hours. Therefore, we expect ETH/USD to continue higher later today.
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